Coronation Grove, a 24-unit walk-up apartment in District 10, has been re-launched for sale, with the owners having lowered their asking price.
“After the last unsuccessful tender exercise called for in March 2011, the owners have agreed to lower their price expectations so that it is more reflective of the current market,” said Yong Choon Fah, Executive Director of Credo Real Estate, which is marketing the property.
Earlier this year, owners of the two four-storey apartment blocks were hoping to gain between S$86 million and S$90 million, which reflected a land rate of between S$1,387 psf and S$1,451 psf.
Now, the owners are considering an asking price of more than S$81 million, which works out to around S$1,306 psf over the land area of approximately 62,011 sq ft.
“The owners feel that they could hope to receive competitive bids this time round in view of the lower price expectation and with the market for landed houses remaining very strong,” said Yong.
Located at Coronation Road, off Bukit Timah Road, Coronation Grove was built in the 1980s. A potential buyer can redevelop the property to as many as 28 strata semi-detached houses or 12 detached houses, based on the URA’s prevailing guidelines for strata landed developments.
The developer may also expect to breakeven at around S$4.5 million per strata semi-detached house and could sell each unit for an average price of between S$5.3 million and S$5.4 million.
Credo said the tender for the property will close on 13 December 2011.
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